CRV token price analysis: CRV token price is stuck inside a range

CRV token price is stuck inside a smaller range on a daily time frame after showing a steep uptrend.
At present, the CRV token price is forming a rousing bottom pattern on a daily time frame.
The pair of CRV/BTC is trading at the price level of 0.00005402 with an increase of 1.54% in the last 24 hours.

CRV token price, as per the price action, is showing strong bullish pressure despite a consolidation. As the token price consolidates near the long-term demand zone a string movement on either side is bound to happen. At present, the CRV token is trading at a price level of $1.248.

CRV token price consolidates near the supply zone

CRV token price has managed to surpass the important 50 and 100 Moving Averages. This comes after the token price broke an important short-term supply zone. As of now, the token price is resting at these MAs as it consolidates. It has also started forming higher high and higher low price structures. As soon as the token price bounced off the demand zone it formed a strong bullish candlestick pattern confirming the bullishness.

CRV token price is currently trading at the upper band of the Bollinger band indicator after bouncing off the lower band strongly. As the volumes increased following a strong movement as the token price showed erratic movement indicating volatility. Therefore, investors should exercise caution and wait for a clear trend.

CRV token price forms a rounding bottom pattern on a daily time frame

The RSI curve is currently trading at 63.51. The RSI curve has passed the 50-point mark. On a daily basis, the CRV token price has broken out of a strong short-term supply zone. When the token price breaks the rounding bottoms pattern, the RSI curve begins to rise rapidly. The RSI curve has crossed the 14 EMA yellow line, indicating that the market is bullish in the short term. The bullish chart pattern’s breakout will result in the RSI curve crossing the mark of 70, confirming the breakout.

The CRV token price has been rising over the last week and has begun to consolidate before making another move. Prior to the bullish momentum, the token price was consolidating in the demand zone and was constantly under strong bearish pressure from the super trend sell line. However, the recent price movement in the token has triggered a bullish trend in the super trend parameters, as it provided a buy signal. As the token price rises, it can be seen resting at the super trend buy line, which will serve as a strong demand zone.

Conclusion: The CRV token price as the price action suggests is bullish and the technical parameters also suggest the same. The token price turned bullish in the last month and the technical parameters are seen supporting the trend. As of now, the token price is in a strong consolidation and a breakout on either side will trigger a big move therefore the investor should remain cautious and wait for a clear trend and then act upon it.

Support: $0.915 and $0.815

Resistance:$1.2 and $1.1

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing